FORM 10-Q
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

(Mark One)
[X]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES AND EXCHANGE ACT OF 1934
        For the quarterly period ended  September 30, 2005

OR

[ ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934
        For the transition period from        to

                    Commission file number  333-119635

                  Providence Select Fund, Limited Partnership
            (Exact name of registrant as specified in its charter)

                    Delaware                            20-0069251
 (State or other jurisdiction of incorporation     (I.R.S. Employer
                 or organization)                   Identification No.)

                     505 Brookfield Drive, Dover, DE 19901
         (Address of principal executive offices, including zip code)

                                (800) 331-1532
             (Registrant's telephone number, including area code)

             (Former name, former address and former fiscal year,
                         if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

Yes __X__ No _______

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Exchange Act Rule 12b-2)

Yes _____ No __X____

                        Part 1 - FINANCIAL INFORMATION

Item 1.  Financial Statements.

The reviewed financial statements for the Registrant for the nine months
ended September 30, 2005 are attached hereto and made a part hereof.

Item 2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations.

General Information

The Registrant (the "Fund") was granted an effective date by the Securities
and Exchange Commission on September 12, 2005.  However, the Fund has not yet
commenced business.  At some time in the future, the Fund will, pursuant to
the terms of the Limited Partnership Agreement, engage in the business of
speculative and high risk trading of commodity futures and options markets
through the services of the commodity trading advisor its management has
selected.

The partnership filed a post effective amendment on November 2, 2005 that is
anticipated to go effective November 15, 2005 to change the trading advisor
and offering terms.  No offers or solicitations have yet been made pursuant
to that prospectus.  Upon effectiveness, the Fund intends to sell the
partnership interests in the face amount of $50,000,000 that it has
registered.

Description of Fund Business

The Fund grants one or more commodity trading advisors ("CTA") a power of
attorney that is terminable at the will of either party to trade the equity
assigned to each CTA by Fund management.  NuWave Investment Corp. is the sole
commodity trading advisor of the Fund.  The CTA has sole discretion to select
the trades and does not disclose the methods it uses to make those
determinations in its disclosure documents or to the Fund or to Fund
management.  There is no promise or expectation of a fixed return to the
partners.  The partners must look solely to trading profits for a return
their investment as the interest income is expected to be less than the fixed
expenses to operate the Fund.

Assets

The Fund assets consist of cash used as margin to secure futures (formerly
called commodity) trades entered on its behalf by the commodity trading
advisors it selects.  The Fund deposits its cash with one or more futures
commission merchants (brokers) who hold and allocate the cash to use as
margin to secure the trades made.  The futures held in the Fund accounts are
valued at the market price on the close of business each day by the Futures
Commission Merchant or Merchants that hold the Fund equity made available for
trading.  The Capital accounts of the Partners are immediately responsible
for all profit and losses incurred by trading and payment and accrual of the
expenses of offering partnership interests for sale and the operation of the
partnership.  The fixed costs of operation are a management fee of 2% and
incentive fee of 20% paid to the commodity trading advisor, an incentive fee
of 3% paid to the general partner, fixed annual brokerage commissions of 6%,
an annual continuing service fee of 3%, and accounting and legal fees that
must be paid before the limited partners may earn a profit on their
investment.

The Fund does not intend to borrow from third parties.  Its trades are
entered pursuant to a margin agreement with the futures commission merchant
which obligates the fund to the actual loss, if any, without reference or
limit by the amount of cash posted to secure the trade.  The limited partners
are not personally liable for the debts of the Fund, including any trading
losses.  The Registrant will in the future offer Units for sale to the public
until $50,000,000 in face amount of registered Units are sold.  Of the
$50,000,000 of Units registered, $0 have been sold, and once they have been
sold and redeemed, they will not be resold.  Capital available will be
dependent upon the marketing and sales effort put in place by Fund management
to sell the registered limited partnership interests.

Value an Investment in the Fund Depends upon Redemption of Fund Units

The Fund Units are not traded and they have no market value.  Liquidity of an
investment in the Fund depends upon the credit worthiness of the exchanges,
brokers, and third parties of off exchange traded futures that hold Fund
equity or have a lien against Fund assets for payment of debts incurred.
Those parties must honor their obligations to the Fund for the Fund to be
able to obtain the return of its cash from the futures commission merchant
that holds the Fund account.

The commodity trading advisor selects the markets and the off exchange
instruments to be traded.  The General Partner selects the futures commission
merchants to hold the Fund assets.  Both the commodity trading advisor and
the general partner believe all parties who hold Fund assets or are otherwise
obligated to pay value to the Fund are credit worthy.  Margin is an amount to
secure the entry of a trade and is not a limit of the profit or loss to be
gained from the trade.  The general partner intends to allocate approximately
97% of the Fund equity to be used as margin to enter trades.  Although it is
customary for the commodity trading advisor to use 40% or less of the equity
available as margin, there is no limit imposed by the Fund upon the amount of
equity the advisors may commit to margin.  It is possible for the Fund to
suffer losses in excess of the margin it posts to secure the trades made.

To have the purchase price or appreciation, if any, of the Units, paid to
them, partners must use the redemption feature of the Partnership.
Distributions, although possible in the sole discretion of the general
partner, are not expected to be made.  There is no current market for the
Units sold, none is expected to develop and the partnership agreement limits
the ability of a partner to transfer the Units.

Results of Operations

The Fund has note yet sold the minimum amount of limited partnership
interests to commence business and, therefore, has no results of operations.

Quantitative and Qualitative Disclosures about Market Risk

The business of the Fund is speculative and involves a high degree of risk of
loss.

Controls and Procedures

The Registrant has adopted procedures in connection with the operation of its
business including, but not limited to, the review of account statements sent
to the general partner before the open of business each day that disclose the
positions held overnight in the Fund accounts, the margin to hold those
positions, and the amount of profit or loss on each position, and the net
balance of equity available in each account.  The Fund brokerage account
statements and financial books and records accounts are prepared by an
independent CPA Firm and then are reviewed each quarter and audited each year
by a different independent CPA firm.

Internal Control over Financial Reporting

Each month, the general partner reviews the profit and loss statements for
the month and once approved each partner is sent a statement to disclose
total Fund performance and the amount in the partner's capital account.
Checks are paid for expenses only upon approval of invoices submitted to the
general partner or pursuant to standing authorizations for periodic fixed
expenses.  Payment of a redemption is only upon receipt of a request form
signed by the person with authority over the partner's account.  The general
partner balances the daily account information with the monthly compilation
and financial statements prepared by the independent CPA.

                          Part II - OTHER INFORMATION

Item 1.  Legal Proceedings

None

Item  2.  Changes in Securities

None

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Submission of Matters to a Vote of Security Holders

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

(a)     None

(b)     None

                                  SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Form 10-Q for the
period ended September 30, 2005, to be signed on its behalf by the
undersigned, thereunto duly authorized.

Registrant:                   Providence Select Fund, Limited Partnership
                              By White Oak Financial Services, Incorporated
                              Its General Partner


                              By:  /s/ Michael Pacult
                                   Mr. Michael Pacult
                                   Sole Director, Sole Shareholder,
                                   President, and Treasurer of the
                                   General Partner
Date: November 14, 2005

******************************************************************************
                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         INDEX TO FINANCIAL STATEMENTS




                                                                    Page

Accountants' Review Report                                          F-2

Financial Statements

  Balance Sheets as of September 30, 2005 and December 31, 2004     F-3

  Statements of Operations for the Three and Nine Months
   Ended September 30, 2005 and the cumulative period from
   May 16, 2003 (date of inception) to September 30, 2005           F-4

  Statements of Partners' Equity from May 16, 2003 to
   September 30, 2005                                               F-5

  Statements of Cash Flows for the Nine Months Ended September
   30, 2005 and the cumulative period from May 16, 2003
   (date of inception) to September 30, 2005                        F-6

  Notes to Financial Statements                                  F-7 - F-11



























                                      F-1


                            Frank L. Sassetti & Co.

                         Certified Public Accountants


To The Partners
Providence Select Fund, Limited Partnership
Fremont, Indiana


            REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

                              We have reviewed the balance sheet of
PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP (a development stage enterprise)
as of September 30, 2005 and the related statements of operations for the
three and nine months ended September 30, 2005 and the cumulative period from
May 16, 2003 (date of inception) to September 30, 2005, the statement of
partners' equity from May 16, 2003 to September 30,2005 and the statement of
cash flows for the nine months ended September 30, 2005 and the cumulative
period from May 16, 2003 to September 30, 2005.  These financial statements
are the responsibility of the Partnership's management.

                              We conducted our review in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
A review of interim financial information consists principally of applying
analytical procedures to financial data and making inquires of persons
responsible for financial and accounting matters.  It is substantially less
in scope than an audit conducted in accordance with auditing standards
generally accepted in the United States, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

                              Based on our review we are not aware of any
material modifications that should be made to the financial statements
referred to above for them to be in conformity with accounting principles
generally accepted in the United States.

                              We have previously audited, in accordance with
auditing standards of the Public Company Accounting Oversight Board (United
States), the balance sheet of PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP as
of December 31, 2004 and the related statements of operations, partner's
equity and cash flows for the year and cumulative period then ended (not
presented herein); and in our report dated February 23, 2005, we expressed an
unqualified opinion on these financial statements.  In our opinion, the
information set forth in the accompanying balance sheet as of December 31,
2004 is fairly stated, in all material respects, in relation to the balance
sheet from which it has been derived.


/s/ Frank L. Sassetti & Co.

November 11, 2005
Oak Park, Illinois

               6611 W. North Avenue * Oak Park, Illinois 60302
                  * Phone (708) 386-1433 * Fax (708) 386-0139
                                      F-2


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                                BALANCE SHEETS

                   SEPTEMBER 30, 2005 AND DECEMBER 31, 2004

                                                 September 30,
                                                     2005      December 31,
                                                 ( A Review)      2004

ASSETS


Cash                                             $    2,131    $   1,872
Reimbursable syndication costs                       91,017       80,466
Prepaid operating costs                                 348          128

  Total Assets                                   $   93,496    $  82,466





                       LIABILITIES AND PARTNER'S EQUITY

Liabilities -
    Due to corporate general partner             $   91,496    $  80,466


Partners' Capital -
    Limited partners  (1 unit)
            Initial capital contribution              1,000        1,000

    General partners  (1 unit)
            Initial capital contribution              1,000        1,000

  Total Partners'  Capital                            2,000        2,000


                                                 $   93,496    $  82,466














                                      F-3


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                           STATEMENTS OF OPERATIONS

            FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005
        AND THE CUMULATIVE PERIOD FROM MAY 16, 2003 (DATE OF INCEPTION)
                             TO SEPTEMBER 30, 2005
                                  ( A Review)


                          Three months      Nine months      May 16, 2003
                             ended             ended               to
                          September 30,     September 30,    September 30,
                              2005              2005             2005

REVENUES                  $         -       $          -     $          -


  Total Revenues                    -                  -                -


EXPENSES                            -                  -                -


  Total Expenses                    -                  -                -



NET INCOME                $         -       $          -     $          -


NET INCOME -
 Limited partnership unit $         -       $          -     $          -

 General partnership unit $         -       $          -     $          -


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         STATEMENT OF PARTNERS' EQUITY

                           MAY 16, 2003 (INCEPTION)
                             TO SEPTEMBER 30, 2005
                                  ( A Review)

                                                                 Total
                      Limited Partners  General Partners   Partners' Equity
                      Amount     Units  Amount     Units  Amount      Units

Initial partner
  contributions       $1,000         1  $1,000         1  $2,000          2

Net income-
  May 16, 2003
  to December 31, 2003     -                 -                 -

Balance -
  December 31, 2003    1,000         1   1,000         1   2,000          2

Net income-
  January 1, 2004
  to December 31, 2004     -                 -                 -


Balance -
 December 31, 2004    $1,000         1  $1,000         1  $2,000          2

Net income-
  January 1, 2005
  to September 30, 2005    -                 -                 -


Balance -
 September 30, 2005   $1,000         1  $1,000         1  $2,000          2



                           September 30,      December 31,      December 31,
                                2005              2004              2003

Value per unit                 $1,000            $1,000            $1,000

Total partnership units             2                 2                 2


                            PROVIDENCE SELECT FUND,
                              LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                           STATEMENTS OF CASH FLOWS

       FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND THE PERIOD FROM
            MAY 16, 2003 (DATE OF INCEPTION) TO SEPTEMBER 30, 2005
                                  ( A Review)

                                              Nine months      May 16, 2003
                                                 ended              to
                                             September 30,     September 30,
                                                 2005               2005

CASH FLOWS FROM OPERATING
  ACTIVITIES
    Net income                                 $        -       $         -
    Adjustments to reconcile net income to net
      cash used in operating activities-                -                 -

    Changes in assets and liabilities-
      Increase in prepaid operating costs            (220)             (348)
      Increase in amounts due general partner         479               479

        Net Cash Used In
         Operating Activities                         259               131


CASH FLOWS FROM FINANCING
   ACTIVITIES
     Initial partner contributions                      -             2,000

NET INCREASE IN CASH                                  259             2,131

CASH -
     Beginning of period                            1,872                 -

     End of period                                 $2,131            $2,131


NON-CASH INVESTING ACTIVITIES

     Reimbursable syndication costs
       paid by and owed to affiliate              $10,551           $91,017


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                              SEPTEMBER 30, 2005
                                  (A Review)

1.      NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

  Providence Select Fund, Limited Partnership (the Fund) was formed on May
16, 2003 under the laws of the State of Delaware.  The Fund expects to engage
in high risk, speculative and hedge trading of futures and forward contracts,
options on futures and forward contracts, and other instruments selected by
the commodity trading advisors (CTA's). However, the Fund will not commence
business until at least $1,030,000 worth of partnership interests are sold.
The maximum offering is $50,000,000. White Oak Financial Services, Inc.
(White Oak) and Michael Pacult are the General Partners and commodity pool
operators (CPO's) of the Fund.  The initial CTA is expected to be NuWave
Investment Corp., which will have the authority to trade as much of the
Fund's equity as is allocated to it by the General Partner. The selling agent
is Futures Investment Company (Futures), which is controlled by Michael
Pacult and his wife.

  The Partnership is in the development stage and its efforts through
September 30, 2005 have been principally devoted to organizational
activities.

  Regulation - The Fund is a registrant (effective September 12, 2005) with
the Securities and Exchange Commission (SEC) pursuant to the Securities and
Exchange Act of 1934 (the Act). The Fund will be subject to the regulations
of the SEC and the reporting requirements of the Act. The Fund will also be
subject to the regulations of the Commodities Futures Trading Commission
(CFTC), an agency of the U.S. government which regulates most aspects of the
commodity futures industry, the rules of the National Futures Association and
the requirements of various commodity exchanges where the Fund executes
transactions. Additionally, the Fund will be subject to the requirements of
futures commission merchants and interbank market makers through which the
Fund trades.

  Offering Expenses and Organizational Costs -  White Oak has incurred
$91,017 and $80,466 in offering costs through September 30, 2005 and December
31, 2004, respectively.  The Fund has agreed to reimburse White Oak for all
organization and offering expenses incurred up to the end of the twelfth
month of operations after the thirteenth month following the commencement of
business.  The commencement of business is contingent upon the sale of at
least $1,030,000 of partnership interests. All offering costs after the
twelfth month of operations will be paid directly by the Fund.

  Registration Costs - Costs incurred for the initial filings with Securities
and Exchange Commission, Commodity Futures Trading Commission, National
Futures Association (the "NFA") and the states where the offering is expected
to be made are accumulated, deferred and charged against the gross proceeds
of offering at the initial closing as part of the offering expenses.
Recurring registration costs, if any, will be charged to expense as incurred.

  Revenue Recognition - Forward contracts, futures and other investments are
recorded on the trade date and will be reflected in the statement of
operations at the difference between the original contract amount and the
market value on the last business day of the reporting period.

                                       F-7



                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                              SEPTEMBER 30, 2005
                                  (A Review)

1      NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

  Market value of forward contracts, futures and other investments is based
upon exchange or other applicable closing quotations related to the specific
positions.

  Use of Accounting Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and reported amounts of revenues and
expenses during the reporting period.  Actual results could differ from these
estimates.

  Income Taxes - The Fund is not required to provide a provision for income
taxes. Income tax attributes that arise from its operations are passed
directly to the individual partners. The Fund may be subject to state and
local taxes in jurisdictions in which it operates.

  Statement of Cash Flows - For purposes of the Statement of Cash Flows, the
Fund will consider only money market funds to be cash equivalents.  Net cash
provided by operating activities includes no cash payments for interest or
income taxes through September 30, 2005.

2.      GENERAL PARTNER DUTIES

  The responsibilities of the General Partner, in addition to directing the
trading and investment activity of the Fund, including suspending all
trading, includes executing and filing all necessary legal documents,
statements and certificates of the Fund, retaining independent public
accountants to audit the Fund, employing attorneys to represent the Fund,
reviewing the brokerage commission rates to determine reasonableness,
maintaining the tax status of the Fund as a limited partnership, maintaining
a current list of the names, addresses and numbers of units owned by each
Limited Partner and taking such other actions as deemed necessary or
desirable to manage the business of the Partnership.

  The Corporate General Partner has contributed $1,000 in cash for deposit to
the capital of the Fund for a non-trading General Partnership interest in the
Partnership.  The Corporate General Partner and all other general partners
combined contribution to the General Partnership account in the Fund will, at
all times, be equal to or greater than one percent (1%) of all capital
contributions, including the General Partnership accounts, to the Fund or at
such other level as may be required by law.




                                      F-8


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                              SEPTEMBER 30, 2005
                                  (A Review)

2      GENERAL PARTNER DUTIES (CONTINUED)

  If the net unit value of the partnership falls to  less than 50% of the
greater of the original $1,000 selling price,  less commissions and other
charges or such higher value earned  through trading, then the General
Partner will immediately suspend  all trading, provide all limited partners
with notice of the  reduction in net unit value and give all limited partners
the opportunity, for fifteen  days after such notice, to redeem partnership
interests. No trading shall commence until after the lapse of such fifteen
day period.

3.      THE LIMITED PARTNERSHIP AGREEMENT

  The Limited Partnership Agreement provides, among other things, that-

  Capital Account - A capital account shall be established for each partner.
The initial balance of each partner's capital account shall be the amount of
the initial contributions to the partnership.

  Monthly Allocations - Any increase or decrease in the Partnership's net
asset value as of the end of a month shall be credited or charged to the
capital account of each Partner in the ratio that the balance of each account
bears to the total balance of all accounts.

  Any distribution from profits or partners' capital will be made solely at
the discretion of the General Partner.

  Federal Income Tax Allocations - As of the end of each fiscal year, the
Partnership's realized capital gain or loss and ordinary income or loss shall
be allocated among the Partners, after having given effect to the fees and
expenses of the Fund.

  Subscriptions - Investors must submit subscription agreements and funds at
least five business days prior to month end. Subscriptions must be accepted
or rejected by the general partner within five business days. The investor
also has five business days to withdraw his subscription. Funds are deposited
into an interest bearing subscription account and will be transferred to the
Fund's account on the first business day of the month after the subscription
is accepted. Interest earned on the subscription funds will accrue to the
account of the investor.

  Redemptions - A limited partner may request any or all of his investment be
redeemed at the net asset value as of the end of a month. The written request
must be received by the general partner no less than ten business days prior
to a month end. Redemptions will generally be paid within twenty days of the
effective month end. However, in various circumstances due to liquidity, etc.
the general partner may be unable to comply with the request on a timely
basis. There are no fees for redemption.

                                      F-9


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                              SEPTEMBER 30, 2005
                                  (A Review)

4.      FEES

  The Fund will be charged the following fees on a monthly basis as of the
commencement of trading.

  A monthly management fee of 2% (annual rate) of the Fund's net assets
allocated to each CTA to trade will be paid to each CTA.

  The Fund will pay the Corporate General Partner a fixed brokerage
commission of 6%, from which the Corporate General Partner will pay the
round turn commissions to the introducing broker and the futures commission
merchant.

  A quarterly incentive fee of 20% of "new trading profits" will be paid to
each CTA and a 3% quarterly incentive fee will be paid to the Corporate
General Partner.  "New trading profits" includes all income earned by a CTA
and expense allocated to his activity.  In the event that trading produces a
loss for a CTA, no incentive fees will be paid and all losses will be carried
over to the following months until profits from trading exceed the loss.  It
is possible for one CTA to be paid an incentive fee during a quarter or a
year when the Fund experienced a loss.

  After the Fund commences trading, the Fund will pay the selling agents a 3%
continuing service fee per year on the investment in the Fund.

  The General Partner has reserved the right to change the management fee and
the incentive fee at its sole discretion. The total incentive fees may be
increased to 27% if the management fee is eliminated. The Fund may also
increase the management fees paid to the CTA's and general partner to 6% if
the total incentive fees are decreased to 15%.


















                                     F-10


                  PROVIDENCE SELECT FUND, LIMITED PARTNERSHIP
                       (A Development Stage Enterprise)

                         NOTES TO FINANCIAL STATEMENTS

                              SEPTEMBER 30, 2005
                                  (A Review)

5.      RELATED PARTY TRANSACTIONS

  The sole shareholder of White Oak has made an initial limited partner
capital contribution in the Fund of $1,000. He is also a joint owner of
Futures, which has temporarily funded the syndication costs incurred by the
Fund to date. In Accordance with Financial Accounting Standards Board
Interpretation No. 46(R), Consolidation of Variable Interest Entities, a
variable interest entity relationship exists between White Oak and the Fund.

  Financial Accounting Standards Board Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others, identifies certain disclosures to be
made by a guarantor in its financial statements about its obligations under
certain guarantees that it has issued. In the normal course of business, the
Fund has provided general indemnifications to the General Partner, its CTA
and others when they act, in good faith, in the best interests of the Fund.
The Fund is unable to develop an estimate for future payments resulting from
hypothetical claims, but expects the risk of having to make any payments
under these indemnifications to be remote.

6.      CONCENTRATIONS

  The Fund will maintain all of its initial subscription deposits with a
commercial financial institution. In the event of the financial institution's
insolvency, recovery of Fund deposits may be limited to account insurance or
other protection afforded deposits.






















                                     F-11